Global Respiratory
Syncytial Virus (RSV) diagnostics market is expected to reach USD 1.2 billion
by 2022, according to a new study by Grand View Research Inc. Increasing
neonatal population suffering from respiratory conditions including RSV
infections and supportive initiatives for diagnosis of newborns by the
healthcare providers are expected to be vital impact rendering drivers for RSV
diagnostics market.
According to
the statistics provided by the WHO, hospitalization of over 150,000 children
(below the age of five) and about 14,000 deaths in geriatric patients occurred
in the U.S. in 2014 due to RSV infections. This is anticipated to trigger
demand for testing of these conditions over the forecast period.
Furthermore,
the global birth rate as of 2014 is 18.7 births per 1,000 individuals, which is
predicted to increase the infant population substantially over the next seven
years. According to the statistics, it is estimated that about 134.2 million
births took place in 2014, which are prone to RSV infections and require
diagnosis, thus forming a large market base.
In 2010,
Save Babies Through Screening Foundation (SBTS) entered in a partnership with
World Solutions Against Infectious Disease (WSAID) as an attempt to promote
higher screening of newborns for infectious diseases, metabolic disorders, and
hearing disabilities.
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Further key findings from the study suggest:
- Chromatographic immunoassay technology based products are expected to witness the fastest growth at a CAGR above 10.0% over the next seven years owing to their higher specificity than molecular diagnostic products. The commercially available test kits include Binax Now RSV, QuickLab RSV Test, Remel Xpect, and RSV Respi-Strip.
- Hospitals are predicted to dominate the RSV diagnostics market followed by home care. Together, they are expected to contribute over 50.0% of the market share in 2022. Increasing demand for home care diagnostic devices by patients is anticipated to drive growth of the segment over the next seven years.
- North America is anticipated to dominate the market and contribute a revenue share of over 40.0% by 2022. Rising awareness among the population base and favorable initiatives by the government agencies such as the WHO, PAHO, and WSAID to initiate and implement newborn screening are expected to drive growth.
- Key players of the market include Alere Inc., EMD Millipore, BD and Company, Ortho Clinical Diagnostics, Roche Diagnostics, Abbott Laboratories, and Thermo Fisher Scientific Inc. CLIA waiver and launch of RSV assays by companies like Roche Diagnostics, Becton Dickinson and Company, and Alere Inc. are expected to boost market growth over the forecast period.
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About
Grand View Research:
Grand View Research, Inc. is a U.S.
based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides syndicated
research reports, customized research reports, and consulting services. To help
clients make informed business decisions, we offer market intelligence studies
ensuring relevant and fact-based research across a range of industries, from
technology to chemicals, materials and healthcare.
Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc
Phone: 1-415-349-0058
Toll Free: 1-888-202-9519
Email:
sales@grandviewresearch.com
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